Rio Tinto, BHP Billiton abandon iron ore joint venture

SYDNEY: Mining giants Rio Tinto and BHP Billiton "reluctantly" abandoned a controversial merger of their Australian iron ore operations on Monday after struggling to win regulator approval, a statement said.

"Since the agreement was signed it has become increasingly apparent that regulatory approvals of the joint venture are unlikely to be achieved," the companies said.

"Consequently, BHP Billiton and Rio Tinto have reluctantly agreed to dissolve the proposed joint venture."